Cost-of-Living Fairness Act

House Bill

H.R. 5612

119th Congress

Cost-of-Living Fairness Act

In Committee

Introduced:Sep 26, 2025

Primary Sponsor

Michael R. Turner

Representative

Republican

OH-10

Cosponsors

1

Quick Stats

Policy Area

Economics and Public Finance

Summary

The Cost-of-Living Fairness Act would change the federal fiscal year from October 1 to September 30 to January 1 to December 31 starting in 2025. This would align the government's financial calendar with the calendar most people use in their personal and business lives.

Latest Action

Referred to the Committee on the Budget, and in addition to the Committee on Oversight and Accountability, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

AI Summary

Plain-English explanation of this bill

The Cost-of-Living Fairness Act would change the federal fiscal year from October 1 to September 30 to January 1 to December 31 starting in 2025. This would align the government's financial calendar with the calendar most people use in their personal and business lives.

Last updated: 12/29/2025

Official Summary

Congressional Research Service summary

It's About Time Act This bill changes the calendar period for the federal fiscal year (currently October 1-September 30) to January 1-December 31 beginning in 2025.

Key Points

Main provisions of the bill

Changes the federal fiscal year to match the calendar year, starting in 2025.
This would make it easier for individuals, businesses, and the government to manage their finances and budgets.
The change could impact the timing of government programs, services, and payments that are tied to the fiscal year.

How This Impacts Americans

Potential effects on citizens and communities

If this bill becomes law, it would affect all Americans who interact with the federal government, including taxpayers, beneficiaries of government programs, and government contractors. The change could simplify financial planning and record-keeping for many people and organizations. However, the transition to the new fiscal calendar could also temporarily disrupt some government operations and services.

Policy Areas

Primary Policy Area

Economics and Public Finance

Scope & Jurisdiction

Jurisdiction Level

federal

Congressional Session

119th Congress

Citation Reference

5612, 119th Congress (2025). "Cost-of-Living Fairness Act". Source: Voter's Right Platform. https://votersright.org/bills/118-hr-5612